South Dakota Life Insurance: What you need to know

Employers have no obligation under South Dakota law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, certain minimum requirements must be satisfied (SD Cod. Laws Sec. 58-16-1et seq.).
For a Limited Time receive a FREE HR Report on the "Critical HR Recordkeeping”.  This exclusive special report covers hiring records, employment relationships, termination records, litigation issues, electronic information issues, tips for better recordkeeping, and a list of legal requirements.  Download Now
Group characteristics. The group must include all employees or all employees belonging to a class or classes determined by conditions pertaining to their employment. The amount of insurance must be based on a plan precluding individual selection either by the employees or by the employer. Supplemental life coverage may be purchased at the employee's option subject to the underwriting criteria of the insurer. Those eligible for coverage may include employees of the employer's subsidiary businesses and affiliated corporations, proprietors, or partnerships that are under common control, retired employees, the individual proprietor or partners if the employer is an individual proprietor or a partnership. Corporate directors may only be eligible for coverage if otherwise eligible as bona fide employees of the corporation by virtue of performing services other than the usual duties of a director. Partners and proprietors may be covered if actively engaged in the conduct of the business of the proprietorship or partnership. A policy issued to insure the employees of a public body may provide that the term “employees” must include elected or appointed officials.
Beneficiary. The employee can name anyone except the employer as beneficiary. Employees of nonprofit charitable organizations may name their employer as beneficiary if they provide a notarized statement that such designation is voluntary.
Employer/employee contributions. Employers are not ...

>> Read more about Life Insurance

More on this topic:

State Requirements

National | Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | District of Columbia | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming |

South Dakota Life Insurance Resources

There are currently no resources for this topic/state.

Life Insurance Products

Healthcare Reform Webinar Recording
BLR Webinar: "Healthcare Reform: What the New Legislation Means for Employers; Get Prepared Now""
Safety Culture Webinar Recording
BLR Webinar: "Safety Culture: How To Assess – and Improve – Your Organization’s Safety Policies and Practices""
Global Rewards Webinar Recording
BLR Webinar: "Global Rewards: Practical Approaches to Successful Multinational Rewards Strategies""
Encyclopedia of Employee Handbooks
This practical tool gives you everything you need to create a customized employee handbook for your company. Includes tips on how to select your format, style and topics, how to prepare your handbook, and samples of employee handbooks and HR policies being used in actual companies. "
Benchmark Benefit Survey: Benefits for Part-Time Employees
In this economy more companies are turning to part-time employees. What sort of benefit package do you offer your part timers? Know what others are doing."
Free Special Reports
Get Your FREE HR Management Special Report. Download Any One Of These FREE Special Reports, Instantly!
Featured Special Report
Claim Your Free Copy of Critical HR Recordkeeping

Record retention is complex and time consuming. However, in addition to complying with various federal and state laws, keeping good, well-organized records can be very helpful in documenting and supporting an organization’s employment actions.
Download Now!

This special report will discuss how you can ensure your records are in good order, and establish a record-retention policy.

Topics covered:
1. Hiring Records
2. Employment Relationships
3. Termination Records
4. Litigation Issues
5. Electronic Information Issues
6. Tips for Better Recordkeeping
7. A List of Legal Requirements

Make sure you have the information you need to know to keep your records in order.